Logo
Helpful Resources
  • Close

Request a Consultation

The Pay Rise Negotiation Cheat Sheet for Young Australians

Do you want to make more money? Many companies offer a once-a-year, across-the-board pay rise that helps earnings to keep up with inflation. But if you’re seeking more, you’ll need to negotiate. And for many of us, negotiating is intimidating. But fortunately,.....

 

Transcript:

If you’re starting a business in Australia, you’ll need to carefully consider which structure is right for you. Each structure has advantages and disadvantages, and it’s important that you understand your obligations under each. Here are five business structures that are suitable in Australia.

 

1. Companies

A company is the most common structure in Australia. They are separate legal entities where liabilities stay with the subsidiary, unless the parent company gives guarantees or subsidiary trades while insolvent. Companies are registered with the Australian Securities and Investments Commission and will have an assigned Australian Company Number. In most cases, they are required to lodge annual financial reports with ASIC.

 

2. Branches

A branch is not a separate legal entity. A foreign company must be registered with the Australian Securities and Investments Commission and will be assigned an Australian Registered Body Number. Branches are also required to lodge annual financial reports with ASIC.

 

3. Trusts

A trust is an obligation that allows a third party to hold property or income. Trustees are obliged to hold property or assets, like business assets, for the benefit of beneficiaries. Trusts can often be expensive to set up and operate.

 

4. Partnerships

These are a group of individuals or companies that share a common business objective. The partnership is governed by an agreement that outlines the rights and obligations of the partners. Partnerships are relatively easy and inexpensive to set up, but it’s important you understand the Partnership Act of your relevant Australian state or territory.

 

5. Joint Ventures

A joint venture is an unincorporated contractual association that is shared between two or more people. They have a specific business project and their relationship is governed by an agreement that is specific to the venture.

Your business structure is essential to your success in Australia. If you’d like more information on how to set up your business in Australia, get in touch with us at Altus Financial today.

 

New Call-to-action

Could Your Business Benefit from an Outsourced CFO?

Set your business on the right path with this simple guide.

Could Your Business Benefit From an Outsources CFO_Resources

Prospective Business Owner - Succession Checklist

Make sure you’re on the right track with this online checklist.

Business Owner - Succession Checklist_Resources
Have a question for Marc Walsh?

Connect with the author of this post and they'll get back to you.

close (1)